Cryptocurrency

Ethereum Anticipates 12% Surge with Trader’s Perfect Track Record Going Long

Ethereum (ETH), the world’s second-largest cryptocurrency by market capitalization, is currently presenting a promising buying opportunity. This optimism is fueled by significant accumulation activities from whales and institutional investors. A noteworthy event on November 1, 2024, was highlighted by Lookonchain, a blockchain-based transaction tracker, which reported a smart trader acquiring 7,483 ETH, valued at approximately $18.8 million.

ETH Accumulation by Whales and Traders

The trader’s impeccable 100% win rate has caught the attention of many. The purchase was strategically made when ETH was trading near the lower boundary of its bullish channel pattern. This particular trader, known for swing trading success, has executed ten profitable ETH trades between August 12 and September 28, 2024, amassing a total profit of an impressive $2.14 million. Since October 14, two additional successful trades have further cemented this trader’s reputation.

Currently, this adept trader holds 10,216 ETH, valued at $25.6 million, albeit with an unrealized loss of $1.21 million. Parallel to this, another whale with the address “0xb9” has significantly increased its holdings, purchasing 19,772 ETH worth $50 million over the past three days. This whale has amassed a total of 54,272 ETH, valued at $137 million, sourced from Binance and Bybit since September 17, 2024. Such continuous and substantial accumulation activities suggest a bullish outlook for Ethereum, indicating a potential upward rally in the near future.

Ethereum Technical Analysis and Upcoming Levels

Expert technical analysis highlights a bullish trend for Ethereum, with projections suggesting an 11% rally that could see ETH reaching the $2,815 level shortly. This bullish sentiment is primarily driven by the price action pattern observed on the daily chart. Ethereum has formed a bullish ascending price action pattern, with its current price situated at the lower boundary of this structure.

Historically, whenever Ethereum’s price nears the lower boundary of such a pattern, it tends to face buying pressure, which often results in an upward rally. Given the recurrence of this pattern, the crypto community is anticipating a similar upside rally in the upcoming days.

Current Price Momentum

As of the latest data, Ethereum is trading around $2,545, having experienced a slight 1% decline over the past 24 hours. Despite this minor drop, the trading volume has surged by 7.5%, reflecting increased participation from traders and investors, likely spurred by the recent whale activity.

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